The US dollar fluctuated in a narrow range inclined to rise during the US session to witness the highest since May 31 against the Japanese yen following developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world Which includes the first half of the Fed's midterm testimony to the US Congress in Washington, to reveal the minutes of the FOMC meeting.
At 0616 GMT, the USDJPY rose 0.04% to 108.89 from the opening level at 108.85 after the pair hit a six-week high of 108.99, while the session ended at 108.83.
We followed the Japanese economy, the world's third-largest economy, to reveal inflation data with the PPI reading, a preliminary indicator of inflationary pressures, showing a contraction of 0.5% from the previous May and 0.1% The index itself contracted 0.1% versus 0.6% growth in May, worse than expected to slow growth to 0.4%.
On the other hand, investors are currently awaiting the US economy for the final reading of the wholesale stocks index, which may show a stable growth of 0.4%, unchanged from the preliminary reading for May and against 0.8% growth in April, in conjunction with the launch of half The first from Federal Reserve Governor Jerome Powell's semi-annual policy on monetary policy to the House Financial Services Committee.
To reveal the minutes of the Federal Committee meeting held on June 18-19, during which Federal Reserve policy makers kept benchmark interest rates between 2.25% and 2.50% for the fourth meeting in a row, revealing their expectations at the time Federalism over growth rates, inflation and unemployment as well as future interest rates for the next three years.
Technical Analysis
The USD/JPY pair is attempting to breach the 108.93 level now, bolstering expectations of a rising correction wave, targeting 109.60 as the next major station.
SMA 50 continues to support the suggested bullish wave, which is organized within the ascending channel shown in the image, while stability above 108.10 is an important condition for the continuation of the suggested bullishness.
The trading range for today is among the key support at 108.30 and resistance at 109.70.
The general trend for today is bullish.